NMMA provides update on COVID-19 stimulus package
With the U.S. Senate passing the nearly $2 trillion economic relief package late last night and the U.S. House of Representatives expected to follow suit this week, NMMA has compiled a breakdown of provisions in the legislation that the association helped secure, along with other requests that were not included.
NMMA said it worked closely with Congress and the Trump administration to develop the stimulus package – formally known as the Coronavirus Aid, Relief, and Economic Security (CARES) Act – and stands ready to help the industry navigate the relief process.
Two versions of the factsheet are available here:
While a few priorities were not included, Congress has started discussing an additional relief package. NMMA said it remains in constant contact with policymakers to ensure the industry is represented in subsequent economic aid measures.
NMMA Priorities Secured in Stimulus Package
Congressional Action to Ensure Financial Certainty for Businesses
Included:
- Provide $350 billion to small businesses (boat building qualifies as less than 1000 employees) to keep employees on the payroll and support operational expenses.
- Allow businesses to delay payment of payroll taxes.
- Set up a national small business sustainability program to provide assistance to partially unemployed workers to support employee retention.
- Treasury will implement a new lending program targeted at medium-sized businesses (500-10,000 employees).
- Streamline approval of and provide $562 million for the small business disaster loan program.
- Establishes a grant program to educate and advise businesses as they navigate the new programs that will assist in the recovery.
- Provide modifications for net operating losses to provide more critical cash flow.
Not Included:
- Create a federal Manufacturing Resiliency Fund.
- Permanently repeal research and development amortization.
- Assist with major event and meeting cancellations.
Administration Actions to Complement Congressional Efforts
Tax Relief
Included:
- Delay all scheduled federal tax payments for 90 days by waiving interest and penalties that would otherwise apply.
Tariff Relief
Included:
- USTR removed some Section 301 tariffs related to fishing tackle bags, certain trailers, cleats and chocks, and components such as cam/crankshafts and certain mountings/fittings.
Not Included:
- At this time, USTR has kept in place most tariffs on imported Chinese products.
Continued Access to Public Waters
Included:
- Waive all fees to access public lands and waters.
Not Included:
- Keep federal lands and waters open and accessible within Centers for Disease Control and Prevention.
If you have questions, please don’t hesitate to contact NMMA’s COVID-19 taskforce at taskforce@nmma.org.
